Puerto Rico Resident Information Sheet
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How to fill out Resident Information Sheet?
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FAQ
Yes, since you are a Puerto Rico resident, you must file the Puerto Rico income tax return reporting all your earnings, and you may claim a credit in such return for any income taxes paid to the United States.
You must file a tax return for 2021 under any of the following circumstances if you're single, someone else can claim you as a dependent, and you're not age 65 or older, or blind: Your unearned income was more than $1,100. Your earned income was more than $12,550.
Be present in Puerto Rico for a minimum of 183 days in the tax year. Spend at least 549 days in Puerto Rico during the 3-year period of the current tax year and the 2 preceding years, including at least 60 days in Puerto Rico during each tax year.
In Publication 570, the IRS lays out three main criteria to establish Puerto Rican residency: an individual must be present for a certain time on the island, they must have their tax home there, and they must have closer connections to Puerto Rico than anywhere else.
Every partner (except pass-through partners) that receives a Form 8986 from a pass-through entity must file Form 8978 to report any additional reporting year tax as a result of taking into account the partner's share of the review year(s) adjustments.
Puerto Rico is an unincorporated territory of the United States and Puerto Ricans are U.S. citizens; however, Puerto Rico is not a U.S. state, but a U.S. insular area. Consequently, while all Puerto Rico residents pay federal taxes, many residents are not required to pay federal income taxes.
File this form to notify the IRS that you became or ceased to be a bona fide resident of a U.S. possession in accordance with Internal Revenue Code Section 937(c).
Among other things, Puerto Ricans don't pay federal income taxand that apparently makes the difference, even in this case, involving the rights of a citizen who lived on the mainland, paying taxes like every other resident, for nearly three decades.
Residents of Puerto Rico who aren't required to file a U.S. income tax return must file Form 1040-SS or Form 1040-PR with the United States to report self-employment income and if necessary, pay self-employment tax.
If your worldwide gross income is $75,000 or more, you must file Form 8898 for the tax year in which you became or ceased to be a bona fide resident of the U.S. possession. For married individuals, the $75,000 filing threshold applies to each spouse separately.
